Kinder Morgan, Inc. (KMI) 10-Year Financial Performance & Capital Metrics

KMI • • Industrial / General

EnergyMidstream Oil & GasIntegrated Midstream ServicesDiversified Midstream Operators

AboutKinder Morgan, Inc. operates as an energy infrastructure company in North America. The company operates through four segments: Natural Gas Pipelines, Products Pipelines, Terminals, and CO2. The Natural Gas Pipelines segment owns and operates interstate and intrastate natural gas pipeline, and underground storage systems; natural gas gathering systems and natural gas processing and treating facilities; natural gas liquids fractionation facilities and transportation systems; and liquefied natural gas liquefaction and storage facilities. The Products Pipelines segment owns and operates refined petroleum products, and crude oil and condensate pipelines; and associated product terminals and petroleum pipeline transmix facilities. The Terminals segment owns and/or operates liquids and bulk terminals that stores and handles various commodities, including gasoline, diesel fuel, chemicals, ethanol, metals, and petroleum coke; and owns tankers. The CO2 segment produces, transports, and markets CO2 to recovery and production crude oil from mature oil fields; owns interests in/or operates oil fields and gasoline processing plants; and operates a crude oil pipeline system in West Texas, as well as owns and operates RNG and LNG facilities. It owns and operates approximately 83,000 miles of pipelines and 143 terminals. The company was formerly known as Kinder Morgan Holdco LLC and changed its name to Kinder Morgan, Inc. in February 2011. Kinder Morgan, Inc. was founded in 1936 and is headquartered in Houston, Texas.Show more

Revenue $15.07B -0.5%
EBITDA $6.74B +7.0%
Net Income $2.61B +9.3%
EPS (Diluted) 1.17 +10.4%
Gross Margin 36.67% +8.3%
EBITDA Margin 44.7% +7.6%
Operating Margin 29.08% +9.0%
Net Margin 17.34% +9.9%
ROE 8.22% +9.7%
ROIC 5.18% +7.9%
Debt/Equity 0.99 -1.1%
Interest Coverage 2.35 +4.8%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 8/9
✓FCF machine: 19.9% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Healthy dividend yield of 4.2%
✓Healthy 5Y average net margin of 11.5%

✗Weaknesses

✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-0.7%

5Y2.75%

3Y-4.91%

TTM8.85%

Profit (Net Income) CAGR

10Y9.8%

5Y3.6%

3Y13.57%

TTM7.36%

EPS CAGR

10Y2.66%

5Y4.04%

3Y14.47%

TTM7.02%

ROCE

10Y Avg5.89%

5Y Avg6.57%

3Y Avg6.68%

Latest6.74%

Peer Comparison

Diversified Midstream Operators

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
WMBThe Williams Companies, Inc.	73.63B	60.29	33.13	-3.7%	20.64%	15.95%	3.26%	1.82
KMIKinder Morgan, Inc.	60.98B	27.41	23.43	-0.55%	16.62%	8.51%	4.93%	0.99
ENBEnbridge Inc.	102.19B	46.81	20.00	22.51%	9.38%	12.2%	5.55%	1.48
DKLDelek Logistics Partners, LP	2.59B	48.41	16.19	-7.82%	17%	9.41%	2.88%	53.11
ETEnergy Transfer LP	59.95B	17.46	13.64	5.2%	5.66%	9.58%	12.25%	1.30
MPLXMPLX Lp	56.93B	55.97	13.29	4.5%	39.71%	33.17%	8.59%	1.53
PBAPembina Pipeline Corporation	22.35B	38.47	12.82	16.63%	22.1%	10.45%	10.11%	0.76
TRPTC Energy Corporation	56.56B	54.33	12.26	3.8%	28.18%	9.32%	2.37%	1.56

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	13.92B	12.94B	13.62B	14.28B	13.16B	11.48B	17.53B	19.55B	15.16B	15.07B
Revenue Growth %	-0.14%	-0.07%	0.05%	0.05%	-0.08%	-0.13%	0.53%	0.12%	-0.22%	-0.01%
Cost of Goods Sold+	8.74B	8B	9.09B	9.26B	8.26B	7.2B	11.17B	14.05B	10.02B	9.54B
COGS % of Revenue	0.63%	0.62%	0.67%	0.65%	0.63%	0.63%	0.64%	0.72%	0.66%	0.63%
Gross Profit+	5.17B	4.95B	4.53B	5.01B	4.9B	4.28B	6.37B	5.5B	5.13B	5.53B
Gross Margin %	0.37%	0.38%	0.33%	0.35%	0.37%	0.37%	0.36%	0.28%	0.34%	0.37%
Gross Profit Growth %	-0.09%	-0.04%	-0.09%	0.11%	-0.02%	-0.13%	0.49%	-0.14%	-0.07%	0.08%
Operating Expenses+	1.13B	1.09B	1.09B	946M	1.02B	1.04B	1.08B	1.08B	1.09B	1.15B
OpEx % of Revenue	0.08%	0.08%	0.08%	0.07%	0.08%	0.09%	0.06%	0.06%	0.07%	0.08%
Selling, General & Admin	690M	669M	688M	601M	590M	648M	655M	637M	668M	712M
SG&A % of Revenue	0.05%	0.05%	0.05%	0.04%	0.04%	0.06%	0.04%	0.03%	0.04%	0.05%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	439M	421M	398M	345M	426M	389M	426M	441M	421M	433M
Operating Income+	4.04B	3.86B	3.44B	4.07B	3.88B	3.25B	5.28B	4.43B	4.04B	4.38B
Operating Margin %	0.29%	0.3%	0.25%	0.28%	0.29%	0.28%	0.3%	0.23%	0.27%	0.29%
Operating Income Growth %	-0.13%	-0.05%	-0.11%	0.18%	-0.05%	-0.16%	0.63%	-0.16%	-0.09%	0.08%
EBITDA+	6.35B	6.07B	5.7B	6.37B	6.29B	5.41B	7.42B	6.61B	6.29B	6.74B
EBITDA Margin %	0.46%	0.47%	0.42%	0.45%	0.48%	0.47%	0.42%	0.34%	0.42%	0.45%
EBITDA Growth %	-0.05%	-0.05%	-0.06%	0.12%	-0.01%	-0.14%	0.37%	-0.11%	-0.05%	0.07%
D&A (Non-Cash Add-back)	2.31B	2.21B	2.26B	2.3B	2.41B	2.16B	2.13B	2.19B	2.25B	2.35B
EBIT	2.8B	3.53B	3.99B	4.41B	4.95B	2.25B	3.71B	4.84B	5B	5.27B
Net Interest Income+	-2.02B	-1.89B	-1.83B	-1.9B	-1.79B	-1.59B	-1.5B	-1.51B	-1.8B	-1.87B
Interest Income	4M	0	0	0	0	0	0	0	0	0
Interest Expense	2.03B	1.89B	1.83B	1.9B	1.79B	1.59B	1.5B	1.51B	1.8B	1.87B
Other Income/Expense	-3.27B	-2.22B	-1.28B	-1.56B	-716M	-2.59B	-3.06B	-1.09B	-844M	-976M
Pretax Income+	772M	1.64B	2.16B	2.51B	3.17B	661M	2.22B	3.33B	3.2B	3.41B
Pretax Margin %	0.06%	0.13%	0.16%	0.18%	0.24%	0.06%	0.13%	0.17%	0.21%	0.23%
Income Tax+	564M	917M	1.94B	587M	926M	481M	369M	710M	715M	687M
Effective Tax Rate %	0.33%	0.43%	0.08%	0.64%	0.69%	0.18%	0.8%	0.76%	0.75%	0.77%
Net Income+	253M	708M	183M	1.61B	2.19B	119M	1.78B	2.55B	2.39B	2.61B
Net Margin %	0.02%	0.05%	0.01%	0.11%	0.17%	0.01%	0.1%	0.13%	0.16%	0.17%
Net Income Growth %	-0.75%	1.8%	-0.74%	7.79%	0.36%	-0.95%	13.99%	0.43%	-0.06%	0.09%
Net Income (Continuing)	208M	721M	223M	1.92B	2.24B	180M	1.85B	2.63B	2.49B	2.72B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	284M	371M	1.49B	1.52B	1.15B	1.13B	1.1B	1.37B	1.42B	1.34B
EPS (Diluted)+	0.14	0.25	0.01	0.66	0.96	0.05	0.78	1.12	1.06	1.17
EPS Growth %	-0.84%	0.79%	-0.96%	65%	0.45%	-0.95%	15.67%	0.44%	-0.05%	0.1%
EPS (Basic)	0.14	0.25	0.01	0.66	0.96	0.05	0.78	1.12	1.06	1.17
Diluted Shares Outstanding	2.19B	2.23B	2.23B	2.22B	2.26B	2.26B	2.27B	2.26B	2.23B	2.22B
Basic Shares Outstanding	2.19B	2.23B	2.23B	2.22B	2.26B	2.26B	2.27B	2.26B	2.23B	2.22B
Dividend Payout Ratio	16.7%	1.58%	6.12%	1.01%	0.99%	19.85%	1.37%	0.98%	1.06%	0.98%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	2.82B	3.23B	2.71B	5.72B	3.24B	3.2B	3.83B	3.8B	2.54B	2.52B
Cash & Short-Term Investments	229M	684M	264M	3.28B	1.11B	1.18B	1.14B	745M	83M	88M
Cash Only	229M	684M	264M	3.28B	185M	1.18B	1.14B	745M	83M	88M
Short-Term Investments	0	0	0	0	925M	0	0	0	0	0
Accounts Receivable	1.35B	1.55B	1.61B	1.5B	1.38B	1.29B	1.61B	1.84B	1.59B	1.51B
Days Sales Outstanding	35.53	43.71	43.24	38.3	38.25	41.11	33.54	34.35	38.24	36.47
Inventory	407M	357M	424M	385M	371M	348M	562M	634M	525M	555M
Days Inventory Outstanding	16.99	16.3	17.02	15.17	16.39	17.65	18.37	16.47	19.12	21.22
Other Current Assets	833M	638M	414M	559M	378M	378M	516M	584M	346M	372M
Total Non-Current Assets+	81.28B	77.08B	76.34B	73.14B	70.92B	68.77B	66.59B	66.28B	68.48B	68.89B
Property, Plant & Equipment	40.55B	38.7B	40.16B	37.9B	36.42B	35.84B	35.65B	35.6B	37.3B	38.01B
Fixed Asset Turnover	0.34x	0.33x	0.34x	0.38x	0.36x	0.32x	0.49x	0.55x	0.41x	0.40x
Goodwill	23.79B	22.15B	22.16B	21.96B	21.45B	19.85B	19.91B	19.96B	20.12B	20.08B
Intangible Assets	3.55B	3.32B	3.1B	2.88B	2.68B	2.45B	1.68B	1.81B	1.96B	1.76B
Long-Term Investments	6.04B	7.03B	7.3B	7.48B	7.76B	7.92B	7.58B	7.65B	7.87B	7.84B
Other Non-Current Assets	2.03B	1.52B	1.58B	1.35B	1.76B	2.18B	1.65B	1.25B	1.23B	1.18B
Total Assets+	84.1B	80.31B	79.06B	78.87B	74.16B	71.97B	70.42B	70.08B	71.02B	71.41B
Asset Turnover	0.17x	0.16x	0.17x	0.18x	0.18x	0.16x	0.25x	0.28x	0.21x	0.21x
Asset Growth %	0.01%	-0.05%	-0.02%	-0%	-0.06%	-0.03%	-0.02%	-0%	0.01%	0.01%
Total Current Liabilities+	4.07B	5.92B	6.18B	7.56B	5.1B	5.07B	5.82B	6.93B	7.22B	5.1B
Accounts Payable	1.19B	1.26B	1.34B	1.34B	914M	837M	1.26B	1.44B	1.37B	1.4B
Days Payables Outstanding	49.76	57.38	53.79	52.68	40.37	42.46	41.15	37.51	49.75	53.34
Short-Term Debt	821M	2.7B	2.7B	3.39B	2.38B	2.56B	2.65B	3.38B	4.05B	2.01B
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	1.06B	1.08B	970M	894M	808M	580M	1.14B	1.32B	1.02B	878M
Current Ratio	0.69x	0.55x	0.44x	0.76x	0.63x	0.63x	0.66x	0.55x	0.35x	0.49x
Quick Ratio	0.59x	0.48x	0.37x	0.71x	0.56x	0.56x	0.56x	0.46x	0.28x	0.39x
Cash Conversion Cycle	2.77	2.63	6.46	0.78	14.26	16.31	10.76	13.3	7.61	4.35
Total Non-Current Liabilities+	44.64B	39.58B	37.75B	36.11B	34.17B	34.33B	32.67B	31.03B	32.07B	34.44B
Long-Term Debt	42.41B	37.35B	34.8B	33.73B	31.8B	32.02B	30.56B	28.18B	27.85B	29.66B
Capital Lease Obligations	0	0	0	0	0	0	0	0	0	0
Deferred Tax Liabilities	0	0	0	0	0	0	0	623M	1.39B	2.07B
Other Non-Current Liabilities	2.23B	2.23B	2.94B	2.39B	2.36B	2.31B	2.11B	2.23B	2.84B	2.71B
Total Liabilities	48.7B	45.5B	43.93B	43.67B	39.27B	39.41B	38.49B	37.96B	39.29B	39.54B
Total Debt+	43.23B	40.05B	37.51B	37.11B	34.18B	34.58B	33.21B	31.57B	31.89B	31.67B
Net Debt	43B	39.37B	37.24B	33.83B	34B	33.4B	32.07B	30.82B	31.81B	31.58B
Debt / Equity	1.22x	1.15x	1.07x	1.05x	0.98x	1.06x	1.04x	0.98x	1.01x	0.99x
Debt / EBITDA	6.80x	6.60x	6.58x	5.83x	5.43x	6.39x	4.48x	4.77x	5.07x	4.70x
Net Debt / EBITDA	6.77x	6.49x	6.53x	5.32x	5.40x	6.17x	4.32x	4.66x	5.05x	4.69x
Interest Coverage	1.99x	2.04x	1.88x	2.14x	2.17x	2.05x	3.53x	2.94x	2.24x	2.35x
Total Equity+	35.4B	34.8B	35.12B	35.2B	34.89B	32.57B	31.92B	32.11B	31.73B	31.87B
Equity Growth %	0.03%	-0.02%	0.01%	0%	-0.01%	-0.07%	-0.02%	0.01%	-0.01%	0%
Book Value per Share	16.14	15.61	15.75	15.88	15.41	14.39	14.09	14.22	14.20	14.35
Total Shareholders' Equity	35.12B	34.43B	33.64B	33.68B	33.74B	31.44B	30.82B	30.74B	30.31B	30.53B
Common Stock	22M	22M	22M	23M	23M	23M	23M	22M	22M	22M
Retained Earnings	-6.1B	-6.67B	-7.75B	-7.72B	-7.69B	-9.94B	-10.6B	-10.55B	-10.69B	-10.63B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-461M	-661M	-541M	-330M	-333M	-407M	-411M	-402M	-217M	-95M
Minority Interest	284M	371M	1.49B	1.52B	1.15B	1.13B	1.1B	1.37B	1.42B	1.34B

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	5.3B	4.79B	4.6B	5.04B	4.75B	4.55B	5.71B	4.97B	6.49B	5.63B
Operating CF Margin %	0.38%	0.37%	0.34%	0.35%	0.36%	0.4%	0.33%	0.25%	0.43%	0.37%
Operating CF Growth %	0.19%	-0.1%	-0.04%	0.1%	-0.06%	-0.04%	0.25%	-0.13%	0.31%	-0.13%
Net Income	208M	721M	223M	1.61B	2.19B	623M	1.85B	2.63B	2.49B	2.72B
Depreciation & Amortization	2.31B	2.21B	2.26B	2.3B	2.41B	2.16B	2.13B	2.26B	2.25B	2.35B
Stock-Based Compensation	52M	66M	65M	63M	62M	73M	59M	60M	63M	0
Deferred Taxes	692M	1.09B	2.07B	405M	717M	345M	355M	692M	710M	647M
Other Non-Cash Items	1.51B	765M	-19M	270M	-382M	1.31B	1.53B	-413M	-213M	-10M
Working Capital Changes	486M	-90M	-2M	399M	-250M	31M	-218M	-258M	1.2B	-76M
Change in Receivables	382M	-107M	-78M	-50M	105M	88M	-265M	-220M	301M	52M
Change in Inventory	34M	49M	-90M	15M	4M	16M	-202M	-183M	188M	-12M
Change in Payables	-156M	144M	73M	21M	-198M	-19M	387M	161M	-201M	-5M
Cash from Investing+	-5.71B	-1.71B	-3.36B	-68M	-1.71B	-911M	-2.31B	-2.17B	-4.17B	-2.63B
Capital Expenditures	-3.9B	-2.88B	-3.19B	-2.92B	-2.27B	-1.71B	-1.28B	-1.62B	-2.32B	-2.63B
CapEx % of Revenue	0.28%	0.22%	0.23%	0.2%	0.17%	0.15%	0.07%	0.08%	0.15%	0.17%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-1.94B	-377M	18M	43M	-1.17B	1.18B	767M	162M	193M	183M
Cash from Financing+	327M	-2.63B	-1.68B	-1.82B	-6.18B	-2.64B	-3.46B	-3.15B	-3.01B	-2.89B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-4.22B	-1.27B	-1.28B	-1.77B	-2.16B	-2.36B	-2.44B	-2.5B	-2.53B	-2.56B
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-70M	74M	2.04B	63M	-822M	-118M	-123M	404M	-197M	-207M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	1.41B	1.91B	1.41B	2.12B	2.48B	2.84B	4.43B	3.35B	4.15B	3.01B
FCF Margin %	0.1%	0.15%	0.1%	0.15%	0.19%	0.25%	0.25%	0.17%	0.27%	0.2%
FCF Growth %	0.66%	0.35%	-0.26%	0.5%	0.17%	0.15%	0.56%	-0.24%	0.24%	-0.27%
FCF per Share	0.64	0.85	0.63	0.96	1.09	1.26	1.95	1.48	1.86	1.35
FCF Conversion (FCF/Net Income)	20.96x	6.76x	25.14x	3.13x	2.17x	38.24x	3.20x	1.95x	2.71x	2.16x
Interest Paid	0	2.05B	0	0	1.86B	1.66B	1.53B	1.46B	1.84B	1.82B
Taxes Paid	0	4M	0	0	372M	227M	10M	13M	11M	33M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	0.72%	2.02%	0.52%	4.58%	6.25%	0.35%	5.53%	7.96%	7.49%	8.22%
Return on Invested Capital (ROIC)	3.91%	3.79%	3.52%	4.32%	4.22%	3.61%	6.1%	5.23%	4.8%	5.18%
Gross Margin	37.17%	38.22%	33.23%	35.12%	37.21%	37.32%	36.3%	28.15%	33.87%	36.67%
Net Margin	1.82%	5.47%	1.34%	11.27%	16.64%	1.04%	10.18%	13.03%	15.78%	17.34%
Debt / Equity	1.22x	1.15x	1.07x	1.05x	0.98x	1.06x	1.04x	0.98x	1.01x	0.99x
Interest Coverage	1.99x	2.04x	1.88x	2.14x	2.17x	2.05x	3.53x	2.94x	2.24x	2.35x
FCF Conversion	20.96x	6.76x	25.14x	3.13x	2.17x	38.24x	3.20x	1.95x	2.71x	2.16x
Revenue Growth	-13.96%	-7.01%	5.21%	4.85%	-7.82%	-12.77%	52.74%	11.53%	-22.49%	-0.55%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Natural Gas Pipelines	8.7B	8B	8.61B	9.02B	8.17B	7.26B	11.87B	12.69B	9.17B	8.94B
Natural Gas Pipelines Growth	-	-8.11%	7.63%	4.73%	-9.37%	-11.15%	63.53%	6.87%	-27.73%	-2.47%
Products Pipelines	1.83B	1.63B	1.65B	1.71B	1.83B	1.72B	2.25B	3.42B	3.07B	2.96B
Products Pipelines Growth	-	-10.78%	0.86%	4.13%	6.89%	-6.01%	30.45%	52.25%	-10.30%	-3.62%
Terminals	1.88B	1.92B	1.97B	2.02B	2.03B	1.72B	1.72B	1.79B	1.92B	2.02B
Terminals Growth	-	2.29%	2.29%	2.75%	0.74%	-15.34%	-0.41%	4.49%	6.98%	5.48%
CO2	1.7B	1.22B	1.2B	1.29B	1.22B	1.04B	1.15B	1.57B	1.24B	1.2B
CO2 Growth	-	-28.13%	-2.05%	8.11%	-5.72%	-14.85%	10.60%	36.50%	-20.87%	-2.90%

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	13.8B	12.46B	13.07B	13.6B	12.83B	11.63B	16.48B	19.04B	15.26B	15.06B
UNITED STATES Growth	-	-9.70%	4.93%	4.00%	-5.61%	-9.41%	41.75%	15.52%	-19.86%	-1.30%
MEXICO	127M	116M	129M	101M	76M	75M	131M	164M	79M	43M
MEXICO Growth	-	-8.66%	11.21%	-21.71%	-24.75%	-1.32%	74.67%	25.19%	-51.83%	-45.57%
CANADA	479M	483M	503M	447M	300M	-	-	-	-	-
CANADA Growth	-	0.84%	4.14%	-11.13%	-32.89%	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Kinder Morgan, Inc. (KMI) has a price-to-earnings (P/E) ratio of 23.4x. This is roughly in line with market averages.

Growth & Financials

Kinder Morgan, Inc. (KMI) reported $16.41B in revenue for fiscal year 2024. This represents a 97% increase from $8.33B in 2011.

Kinder Morgan, Inc. (KMI) saw revenue decline by 0.5% over the past year.

Yes, Kinder Morgan, Inc. (KMI) is profitable, generating $2.73B in net income for fiscal year 2024 (17.3% net margin).

Dividend & Returns

Yes, Kinder Morgan, Inc. (KMI) pays a dividend with a yield of 4.20%. This makes it attractive for income-focused investors.

Kinder Morgan, Inc. (KMI) has a return on equity (ROE) of 8.2%. This is below average, suggesting room for improvement.

Kinder Morgan, Inc. (KMI) generated $2.75B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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